Insight, Innovation & Execution

April 2015

Some slides and comments included here, particularly related to estimates,comments on expectations about future performance or business conditions,may contain “forward-looking statements” within the meaning of the federalsecurities laws which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as “believes,” “project,”“might,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,”“plans,” “estimates” or “anticipates” or similar expressions that concern ourstrategy, plans or intentions. These forward-looking statements are subject torisks and uncertainties that may change at any time, and could cause actualresults to differ materially from those that we anticipate. While we believe that theexpectations reflected in such forward-looking statements are reasonable, wecaution that it is very difficult to predict the impact of unknown factors, and it isimpossible for us to anticipate all factors that could affect our actual results.Important factors, including those listed under Item 1A in the Partnership’s Form10-K could adversely affect our future financial performance and cause actualresults to differ materially from our expectations.

Forward-Looking Statement

3

Cedar Fair at a Glance

World-Class Facilities• 14 Best-in-Class Parks• More than 23 million guests annually• 5 Hotels(a) - ~1,600 Rooms• 5 Campgrounds, including deluxe RV sites

and cabins• 2 Marinas• 850+ Rides and Attractions• 120+ Roller Coasters

Net Revenues

Adjusted EBITDA

Yield

$973 $1,028

$1,068

$1,135 $1,160

$900

$975

$1,050

$1,125

$1,200

2010 2011 2012 2013 2014

Net

Rev

enue

s($

mill

ions

)

(a) One hotel with indoor water park(b) See appendix for reconciliation of Adjusted EBITDA(c) Yield based on closing prices on April 24, 2015

$359

$375

$391

$425 $431

$350

$375

$400

$425

$450

2010 2011 2012 2013 2014

Adju

sted

EB

ITD

A(b)

($ m

illio

ns)

5.2%

3.9% 4.1%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%

FUN SEAS SIX

Yiel

d(c)

4

Best-in-Class Parks with Loyal,

High-Repeat Customer Base

Healthy, Stable Industry with Significant

Barriers to Entry

Industry-Experienced

Management with History of

Delivering Results

History of Strong Adjusted EBITDA

Margins

FUNforward 2.0 Provides Next Generation of

Growth

Balanced Approach to Allocation of

Excess Capital

5

Best-in-Class ParksThe Company has a national, geographically dispersed footprint that mitigates regional economic and weather risk

6

Loyal, High-Repeat Customer Base

• Entertain more than 23 million guests annually

• Genetic Vacation Behavior 9 out of 10 guests are repeat visitors

• Majority of guests come from within a 150 mile radius

• Diverse demographic mix Healthy balance between families and thrill

seekers

7

Healthy, Stable Industry

Significant Barriers to

Entry

Limited In-Market

Competition

Recession Resilient

Stable and Growing

Strong Price / Value

Proposition

No Comparable At-Home

Experience

8

Strong, Experienced Management TeamManagement team with proven expertise both with Cedar Fair and in the leisure and hospitality industry

Name Position

Yearswith

Cedar Fair

Years In Industry

Matt A. Ouimet (57) President and Chief Executive Officer 4 25

Richard A. Zimmerman (54) Chief Operating Officer 24 28

Brian C. Witherow (48) Executive Vice President and Chief Financial Officer 20 22

Kelley Semmelroth (50) Executive Vice President and Chief Marketing Officer 3 10

Duffield E. Milkie (49) Executive Vice President and General Counsel 7 7

H. Philip Bender (59) Executive Vice President 36 43

David R. Hoffman (46) Senior Vice President and Chief Accounting Officer 9 9

Craig J. Freeman (61) Senior Vice President of Administration 35 35

Robert A. Decker (54) Senior Vice President of Planning & Design 16 26

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Long History of GrowthProven growth strategy driven by gains in both attendance and per capita spending poises the Company for long-term success

Strong Adjusted EBITDA(c) Growth

Increased Guest Spending

Solid Revenue Growth

Consistent Attendance Base

(a) Includes attendance for amusement parks and separately-gated outdoor water parks (b) Average in-park guest per capita spending is defined as our total in-park revenues, including gate admissions and revenue received inside the park gates for food,

merchandise, games and premium benefit offerings, divided by total attendance(c) See Appendix for reconciliation of Adjusted EBITDA

$973

$1,028

$1,068

$1,135 $1,160

$900

$975

$1,050

$1,125

$1,200

2010 2011 2012 2013 2014

Net

Rev

enue

s($

mill

ions

)

22.8

23.423.3

23.523.3

22.5

23.0

23.5

24.0

24.5

2010 2011 2012 2013 2014

Tota

l Atte

ndan

ce (a

)

(mill

ions

)

$359

$375

$391

$425$431

$350

$375

$400

$425

$450

2010 2011 2012 2013 2014

Adju

sted

EB

ITD

A(c)

($ m

illio

ns)

$39.21$40.03

$41.95

$44.15

$45.54

$38

$40

$42

$44

$46

$48

2010 2011 2012 2013 2014

Aver

age

In-p

ark

Gue

st

per C

apita

Spe

ndin

g (b

)

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Long History of GrowthStable & diversified cash flows have allowed us to perform well during times of recession

(a) Acquisition of Knott’s Berry Farm in December 1997(b) Acquisition of Michigan’s Adventure and Knott’s Soak City – Palm Springs in 2001(c) Acquisition of Geauga Lake in 2004(d) Acquisition of Kings Island, Canada’s Wonderland, Kings Dominion, Carowinds and California’s

Great America in 2006(e) See Appendix for reconciliation of Adjusted EBITDA

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

($ in

mill

ions

)

Adj. EBITDA

Financial Crisis

2001 = (6.1%) 2002 = 11.4%

2009 = (11.0%) 2010 = 13.2%

Early 2000’s Recession

Early 1990’s Recession

11

Continued Growth: FUNforward 2.0Targeting Adjusted EBITDA of $500 million, or more, by 2018

(a) See Appendix for reconciliation of Adjusted EBITDA

Adjusted EBITDA(a) Growth(in millions)

$375

$391

$425$431

$500+

2011 2012 2013 2014 2018

• Enhanced guest experience to drive strong price-value proposition

• Advance purchase commitments

• Embrace digital technology

• Capital and expense productivity

• Complementary development adjacent to parks

Strategic Growth Drivers

12

Solid Balance SheetOur strong free cash flow and focus on de-leveraging has provided us with the financial flexibility to capitalize on future opportunities

• 2014 Consolidated Leverage Ratio at 3.6x

• Reliance on revolving credit facility has been significantly reduced over the past 5 years

• Average cost of debt expected to be ~5.3%, or ~$85 million annually

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

5.5x

($40)

($20)

$0

$20

$40

$60

$80

$100

$120

$140

2010 2011 2012 2013 2014

($ in

mill

ions

)

Net Cash Position at Year End Consolidated Leverage Ratio

13

New FUN for 2015Our 2015 capital program provides an optimal blend of thrill-and family-oriented attractions, park enhancements and organic growth opportunities with a broader objective of continuing to add value to the overall guest experience

• Fury325, the world’s tallest and fastest gigacoaster, will debut at Carowinds

• Voyage to the Iron Reef, a spectacular new 4-D interactive ride will surface at Knott’s Berry Farm

• Cedar Point, The Roller Coaster Capital of the World!, will introduce a new roller coaster experience, Rougarou, and a refreshed historic Hotel Breakers on its mile-long sandy beach

• Our capital plans will also include new water park rides, family attractions and state-of-the-art catering facilities to market across all of our properties

14

Investment of Excess Cash FlowOur strong free cash flow affords us the flexibility to prioritize the sustainability and growth of the distribution while also opportunistically investing in the growth of our business

Strong free cash flow from

operations

Investment in future growth

Stable, growing distribution

AND

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Delivering Results• Best-in-Class parks with loyal, high-

repeat customer base

• Healthy, stable industry with significant barriers to entry

• Industry-experienced management with long history of delivering record results

• History of commitment to providing the ‘best day’ experience to our guests

• FUNforward 2.0 to drive the next generation of growth

Targeting Adjusted EBITDA of $500 million, or more, by 2018

Balanced approach to investment of excess cash flow

16

Appendix

17

EBITDA Adjustments

Note: For years prior to 2013, a reconciliation of Adjusted EBITDA to net income (loss) can be found in our Annual Report on Form 10-K for that year.

(a) As permitted by and defined in the 2013 Credit Agreement.

(b) Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the 2013 Credit Agreement. The Company believes Adjusted EBITDA is a meaningful measure of park-level operating profitability. Adjusted EBITDA is not a measurement of

operating performance computed in accordance with generally accepted accounting principles and is not intended to be a substitute for operating income, net income, or cash flow from operating activities, as defined under generally accepted accounting principles. In addition, Adjusted EBITDA may not be comparable to similarly

titled measure of other companies.

($ in millions) 12/31/2014 12/31/2013EBITDA $334.5 $353.9

Plus: loss on the early extinguishment of debt 29.3 34.6 Plus: net effect of swaps (2.1) 6.9 Plus: unrealized foreign currency loss 40.9 29.1 Plus: equity based compensation 12.5 5.5 Plus: loss on impairment / retirement of fixed assets, net 9.8 2.5 Plus: gain on the sale of other assets (0.9) (8.7)Plus: Class action settlement costs 5.0 -Plus: other non-recurring costs(a) 2.3 1.7

Total Adjusted EBITDA(b) $431.3 $425.4

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